Moneycontrol Bureau
Live Market Commentary
10:00 am Market outlook: UR Bhat, MD, Dalton Capital Advisors feels 5865 is an important support for Nifty. Stressing that Nifty not hitting all-time high was significant, he said in an interview to CNBC-TV18, that foreign institutional investors still not made money in market despite Sensex's record high.
According to him, the Nifty is likely to be in range of 5850-6350.
As an investment strategy, he prefers IT, pharma and private sector banks. Bhat does not see significant returns from power sector in near-term.
9:50 am Results: Apollo Tyres reported 44.19 percent increase in net profit at Rs 219.47 crore for the quarter ended September 30, 2013, on the back of improved product mix.
The company had reported a net profit of Rs 152.2 crore in the same quarter a year ago. Apollo Tyres' net sales in the quarter under review was at Rs 3,433.46 crore, an increase of 1.73 percent as compared to Rs 3,374.82 crore in the same period last year,
Overall expenses in the quarter were at Rs 3,115.32 crore, an increase of 0.52 percent, compared with Rs 3,099.14 crore in the corresponding quarter last year.
9:40 am Buzzer: Shares of Britannia Industries jumped over 8 percent in early trade on Tuesday. Investors are actively buying the stock on its strong September quarter results. The company's second quarter consolidated net profit grew 65.68 percent to Rs 97.64 crore from Rs 58.93 crore year-on-year.
During the period Britannia's net sales increased to Rs 1,740.48 crore, up 12.82 percent from Rs 1,542.67 crore during the same period last year.
9:30 am Macro data: All eyes today will be on key macro data- the October CPI and September IIP. The CPI is likely to stay elevated and consensus sees it touching double digits at 10 percent versus the three-month high of 9.85 percent last month, while the sharp growth in the core sector is likely to boost the September IIP data to 3.5 percent.
Don't miss: FIIs may invest upto $5bn in credit enhanced bonds, says RBIThe market has opened on a mildly positive note. The Sensex is up 41.04 points at 20532.00, and the Nifty is up 8.45 points at 6087.25. About 241 shares have advanced, 70 shares declined, and 18 shares are unchanged.
Hindalco is up over 1 percent ahead of announcing its September quarter earnings. Other gainers in the Sensex are M&M, Wipro, NTOC and L&T. Tata Motors falls around 2 percent, followed by Sesa Sterlite, Jindal Steel, Tata Steel and Coal India in the top losers section.
The rupee slipped further in early trade on Tuesday. It opened lower by 18 paise at 63.42 per dollar as against previous closing of 63.24 per dollar.
Indranil Sengupta of Bank of America Merrill Lynch feels the rupee market has begun to look ahead at tapering of the RBI's swaps with oil companies. "We continue to expect the rupee to stabilize at 60-65/USD if the euro-dollar trades in a 1.20-1.30 range. Not surprisingly, the rupee remains among the weakest of the BRIC currencies," he adds.
Sengupta expects the rupee to end around 63/USD levels by December-end.
Globally, Dow Jones extended its record rise yesterday, with the US markets ending marginally higher on low volumes ahead of key earnings. European markets closed with gains led by the healthcare sector.
Asian markets followed the suit today with all eyes on the key policy meet in China.
Brent crude prices rise, after Iran and six world powers failed to reach a deal on Tehran's nuclear program, but Nymex slipped below USD 95 per barrel.
From precious metals space, gold traded lower after a surprise surge in US jobs growth reignited speculation the Federal Reserve could soon start scaling back its monetary stimulus program, denting bullion's appeal.
